Dukascopy - Analytics


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    USD/CAD makes another attempt at reaching 1.31

    © Dukascopy Bank SA
    "We think the balance of risk around USDCAD is tilted to the downside. Nonetheless, we do think that funds can hold within a fairly wide 1.2950-1.3160 range." 
    - TD Securities (based on FXStreet) 

    Pair's Outlook 
    The US currency behaved in accordance with the forecast yesterday, as the USD/CAD pair's gains were limited by the resistance cluster around 1.3060. Trade closed between the weekly S1 and 20-day SMA, which is keeping the Greenback from climbing further today. Nonetheless, the stronger bullish momentum might still be regained amid the US fundamental data releases later today. Meanwhile, the technical indicators retain their bullish signals, bolstering the possibility of a positive scenario. 

    Traders' Sentiment 
    The share of bulls dropped disturbingly low, as only a quarter of traders expect the Greenback to outperform the Loonie. The portion of buy orders, on the other hand, increased from 32 to 54%.
    © Dukascopy Bank SA

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